[11/May/2010]
SANA'A, May 11(Saba) – A lecture on issuing Islamic sukuk (the Islamic equivalent of bonds) was organized here on Tuesday by the Yemeni Banks Association.

The lecture, attended by 40 specialists from the Central Bank of Yemen (CBY), Yemeni banks and the unity of the stock market and the relevant agencies, was carried out by the General Manager of the Stock Market in Khartoum Dr. Osman Khair, who is an expert in the International Monetary Fund (IMF) and delegated to assist the CBY in determining the structure and systems of the Islamic sukuk unit.

In the lecture, Dr. Khair reviewed Sudan's experience in issuing sukuk, through which the surpluses of Islamic banks are employed in financing infrastructure projects and various sectors of trade, health, education and other, which proved the success of this great experiment in contributing to the development process.

Yemen seeks to benefit from the brotherly and friendly countries' experiences in the field of issuing the Islamic sukuk, in forefront of which is Sudan.

The unit of Islamic sukuk in the CBY is currently studying the important projects that can be financed through these bonds, among them the projects of electricity in particular.

The CBY is now intensifying its efforts in cooperation with specialized Saudi, Arab and international finance institutions and organizations to speed up issuing the system of Islamic bonds in the Islamic and trade banks working in Yemen for the first time in the last quarter of this year, which will open a window for the Islamic banks to use their surpluses and at the same time saving funds for financing the projects of the socio economic plan in Yemen.